Zcash operating company reports losses
|- Electric Coin Company (ECC) registered deficit in the first quarter of 2019.
- ZCash is mostly unchanged in recent 24 hours, down from the intraday high of $46.00.
Electric Coin Company (ECC), the company behind privacy-focused digital coin Zcash (ZEC), published the financial report on August 29, stating that it had been losing money in the first quarter of 2019. The company operated with an average monthly deficit of $186,000 and received about 6,157 ZEC per month and 2,000 ZEC to pay compensations for the employees. Based on the average ZCash exchange rate it amounts to $450,000, while the company’s expenses including employee salaries were closer to $635,000.
Nethertheless, ECC registered the increase in total ZEC holdings.
“The company’s first-quarter ending amount of USD and Zcash was approximately $5.2M. The company currently holds approximately $6.4M worth of USD and Zcash,” the statement goes.
At the time of writing, ZCash is changing hands at $45.00, mostly unchanged in recent 24 hours. The total market value of the coin is registered at $329 million, while an average trading volume is $87 million. The coin takes the 28th place in CoinMarketCap’s rating.
ZEC/USD, 1-hour chart
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